OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Genius Act

Floor Speech

Date: June 17, 2025
Location: Washington, DC

BREAK IN TRANSCRIPT

Ms. ALSOBROOKS. Mr. President, I supported passage of S. 1582, the GENIUS Act, because it creates new Federal regulations and consumer protections for payment stablecoins. Specifically, the bill was amended to explicitly and clearly preserve State consumer protection laws in the negotiated rule of construction in section 7(f)(4). This was always the intent of the bill, as evidenced by the public discussion between Senators of both parties during the March 13, 2025, markup in the Committee on Banking, Housing, and Urban Affairs. The amended, final version of the bill includes this negotiated rule of construction to prevent State consumer protection laws from being preempted, as intended by the bill's sponsors and supporters.

BREAK IN TRANSCRIPT


Source
arrow_upward